Table 15-1
$$\begin{array} { | l | l | l | l | l | }
\hline \text { Qunatity } & \text { Price } & \begin{array} { l }
\text { Total } \
\text { revenue }
\end{array} & \begin{array} { l }
\text { Average } \
\text { revenue }
\end{array} & \begin{array} { l }
\text { Marginal } \
\text { revenue }
\end{array} \
\hline 1 & 47 & 47 & & \
\hline 2 & & 88 & 44 & 41 \
\hline 3 & 41 & & & \
\hline 4 & & & & 29 \
\hline 5 & 35 & & & 23 \
\hline 6 & & 192 & & \
\hline 7 & 29 & & & 11 \
\hline 8 & & & & 5 \
\hline 9 & & 207 & 23 & - 1 \
\hline 10 & 20 & 200 & & \
\hline
\end{array}$$
-Refer to Table 15-1.If the monopolist sells eight units of its product, how much revenue will it receive from the sale?
A)5
B)26
C)208
D)not enough information is given to answer this question

Question

Table 15-1
 $$\begin{array} { | l | l | l | l | l | } 
\hline \text { Qunatity } & \text { Price } & \begin{array} { l } 
\text { Total } \
\text { revenue }
\end{array} & \begin{array} { l } 
\text { Average } \
\text { revenue }
\end{array} & \begin{array} { l } 
\text { Marginal } \
\text { revenue }
\end{array} \
\hline 1 & 47 & 47 & & \
\hline 2 & & 88 & 44 & 41 \
\hline 3 & 41 & & & \
\hline 4 & & & & 29 \
\hline 5 & 35 & & & 23 \
\hline 6 & & 192 & & \
\hline 7 & 29 & & & 11 \
\hline 8 & & & & 5 \
\hline 9 & & 207 & 23 & - 1 \
\hline 10 & 20 & 200 & & \
\hline
\end{array}$$
-Refer to Table 15-1.If the monopolist sells eight units of its product, how much revenue will it receive from the sale?
A)5
B)26
C)208
D)not enough information is given to answer this question

Quizplus · Accepted Answer

The total revenue earned from selling eight units is not given in the table, so we need to calculate it. We can do this by adding up the total revenue from selling 6 units and the marginal revenue from selling the 7th and 8th units. From the table, we can see that the total revenue from selling 6 units is $192. The marginal revenue from selling the 7th unit is $11, and the marginal revenue from selling the 8th unit is $5. Therefore, the total revenue from selling 8 units is $192 + $11 + $5 = $208.

Table 15-1 -Refer to Table 15-1